Razore Rock Resources Inc.: Oxford Lake Option Terminated
May 16 2014 - 8:00AM
Marketwired Canada
Razore Rock Resources Inc. ("Razore Rock" or the "Company") (CSE:RZR) wished to
advise that, further to its Press Release of April 16, 2014, it was unable to
make the commitment to spend by June 1, 2014 the $60,000 required under its
Option Agreement with Alto Ventures Ltd. ("Alto Ventures") to keep the mineral
exploration licenses included in the Oxford Lake Property in good standing for a
further year. The Option Agreement has been terminated.
Razore Rock was unsuccessful in raising money under its financing announced on
April 3, 2014. The continuing malaise in the junior resource markets, the lack
of liquidity in the Company's stock and the relatively low number of shares
issued and outstanding are all factors that contributed to the inability of the
Company to raise funds. While the Oxford Lake Property remains an excellent gold
exploration target, the Company was not able to raise the minimal amount of
funds necessary to maintain its interest in the Oxford Lake Property pending a
subsequent financing.
Management of the Company will continue to look for suitable opportunities for
the Company but with its extremely limited financial resources and the
continuing lack of investor interest in the junior resource markets, the
Company's future is uncertain.
About Razore Rock Resources Inc.
Razore Rock Resources Inc. is a mineral exploration company focused on the
acquisition, exploration and development of mineral resources, primarily gold,
in Manitoba. Razore Rock holds a 100% interest in five mining claim blocks (the
Duff Claims Property) in the Flin Flon District, Manitoba.
Cautionary Note Regarding Forward-Looking Statements: This Press Release
contains forward-looking statements that involve risks and uncertainties, which
may cause actual results to differ materially from the statements made. When
used in this Press Release, the words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar expressions
are intended to identify forward-looking statements. Such statements reflect our
current views with respect to future events and are subject to risks and
uncertainties. Many factors could cause our actual results to differ materially
from the statements made, including those factors discussed in filings made by
us with the Canadian securities regulatory authorities. Should one or more of
these risks and uncertainties, such as actual results of current exploration
programs, the general risks associated with the mining industry, the price of
gold and other metals, currency and interest rate fluctuations, increased
competition and general economic and market factors, occur or should assumptions
underlying the forward looking statements prove incorrect, actual results may
vary materially from those described herein as intended, planned, anticipated,
or expected. We do not intend and do not assume any obligation to update these
forward-looking statements, except as required by law. The reader is cautioned
not to put undue reliance on such forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Razore Rock Resources Inc.
Bill Johnstone
Corporate Secretary
(416) 865-6605
Razore Rock Resources Inc.
Gary F. Zak
Vice President, Corporate Development
(604) 802-7551
Razore Rock Resources (CSE:RZR)
Historical Stock Chart
From Oct 2024 to Nov 2024
Razore Rock Resources (CSE:RZR)
Historical Stock Chart
From Nov 2023 to Nov 2024